中国股票市场机构投资者信息优势的实证分析-企业管理专业论文.docx

Table of Contentsim mIIAbstract1.Introduction2.Literature review3.Hypothesisdevelopment4.Sample selection5.Institutionalinvestment and future stock returns5.1Institutionaltrading and future returns5.2Levelof Institutionalownershipand future returns6.Sources ofinformationaladvantage7.C haracteristics of SSF in Chin a stock marke t8.Con clusio nsReferenceAcknowledgementList of T a blesTable1significancetestofthe next1stquarterreturndifferencebetween top and bottom portfolios held by institutionalinvestorsaccordingtochangeofinstitutionalownership18Table2significancetest of thenext2ndquarterreturn differencebetweentop and bottomportfoliosheld by institutionalinvestorsaccordingtochangeofinstitutionalownership19Table3significancetestofthenext 3rdquarterreturndifferencebetweentop and bottomportfoliosheld by institutionalinvestorsaccording tochange ofinstitutionalownership20Table4significancetestofthenext4thquarterreturndifferencebetweentop and bottomportfoliosheld by institutionalinvestorsaccording to change ofinstitutionalownership21Table5significancetestofthenext 1stquarterreturndifferencebetweentopand bottomportfoliosheld by institutionalinvestorsaccord ing tolevelofinstitutionalownership24Table6significancetestofthenext2ndquarterreturndifferencebetweentopand bottomportfoliosheld by institutionalinvestorsaccording tolevelofinstitutionalownership25Table7significancetestofthenext3rdquarterreturndifferencebetweentopand bottomportfoliosheld by institutionalinvestorsaccording tolevelofinstitutionalownership26Table8significancetestofthenext4thquarterreturndifferencebetweentopand bottomportfoliosheld by institutionalinvestorsaccording tolevelofinstitutionalownership27Table9significancetestofROEdifferencebetweensocialsecurityfundandtheothertypesofinstitutionalinvestors33Table10significance testofEPSdifferencebetween socialsecurityfundandtheothertypesofinstitutionalinvestors34Table11significancetestofP/Edifferencebetweensocialsecurityfundandtheothertypesofinstitut